Economics

Biden says decision on pause on federal gasoline tax could come by end of week

U.S. President Joe Biden said on Monday that a decision on whether to pause a federal gasoline tax could come by the end of this week, as the United States struggles to tackle soaring gasoline prices and inflation.

Petrobras CEO resigns amid political blowback on fuel prices

The chief executive of Brazil's state-run oil company Petrobras resigned on Monday in the face of mounting pressure from politicians after the firm announced a fuel price hike last week.

The downstream rundown: In case you missed it 6/17

In case you missed any downstream news, this piece will give you a summary of some of the top stories from last week.

U.S. steps up heavy crude imports as Biden blasts profiteering

U.S. refiners last month imported the most heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil.

Chevron Corporation awards Worley a global services agreement

Worley and Chevron have entered into a global master services agreement covering Chevron’s upstream, midstream, and downstream business needs.

Thailand agrees more support measures amid surging oil prices

Thailand's economic teams agreed to extend some support measures to reduce living costs for another three months, and sought cooperation from refineries to help boost the country's depleted oil fund amid rising energy prices.

U.S. energy chief to discuss record pump prices with refiners next week

U.S. Energy Secretary Jennifer Granholm is expected to meet with refining executives on June 23 as tensions between the White House and the oil industry mount over soaring gasoline prices.

Mexico president says new Pemex refinery will reach full capacity in 2023

Mexican President Andres Manuel Lopez Obrador said Wednesday that a new refinery owned by state-run Petroleos Mexicanos (Pemex) will reach full operating capacity by next year, despite industry experts saying it will take until at least 2024.

Aramco Trading plans to absorb Motiva Trading ahead of possible IPO

The move to combine the businesses is expected to give potential investors a better sense of the scale of Aramco's trading and would also allow the state oil producer to simplify financial reporting and cut duplication.

Biden blasts oil refiners for record high gasoline prices, profits

U.S. President Joe Biden demanded oil refining companies explain why they are not putting more gasoline on the market, sharply escalating his rhetoric against industry as he faces pressure over rising prices.